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| Financial Inclusion-Basic Banking Account (SB-Basic) |
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| (Salient Features) |
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| Oriental Bank of Commerce launched the Basic Banking 'No-Frills' Account Scheme as a Corporate Social Responsibility (CSR) of the Bank intended to make banking accessible to vast sections of the population, with the prime objectives as under: |
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| To help achieving greater financial inclusion by attracting vast sections / segments / strata of the society particularly the underprivileged ones / unbanked population of the country within the banking system. |
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| The Scheme came into effect from 16.01.2006, with Salient Features, as under: |
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| A. |
Eligibility: Indian National Citizens, unable to afford, without financial hardship, the cost of maintaining bank account, Individuals who intend to keep balances not exceeding Rs. 50,000/- in all their accounts taken together and total credits not exceeding Rs. 2 lakh in a year. |
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| B. |
Opening of Account: with Simplified KYC Procedure based on satisfactory Introduction by another Account Holder, on whom KYC has been done, photograph of the customer, who intends to open the account, and his address need to be Certified by the Introducer. Account can be opened in individual capacity or in joint names or with minors. |
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| C. |
Features: |
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Nominal Initial Deposit of Rs. 10/- for opening of the Account.
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No Minimum Balance Requirement / No Minimum Balance Charges.
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No Standing Instruction Charges for Transfer of Funds within same Branch.
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No Incidental Charges on Account becoming Inoperative.
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6 Withdrawals Free Per Month (Additional Withdrawals with Charges of Rs. 5/- Per Withdrawal).
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Nomination Facility.
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One Cheque Book of 25 Leaves, Free of Cost, during a Calendar Year. Cheques shall be Collected in these Accounts, as in case of other Savings Accounts. However, ATM Card facility not available to SB Basic Account holders.
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Other Services can be availed on Charges prescribed by the bank.
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SB Basic Account holders can deposit in Term Deposit Products viz. Progressive Deposit (PD) or Fixed Deposit (FDR) or Cumulative Deposit (CDR), however, aggregate of all the deposits, taken together, should remain within the Eligibility Ceilings.
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In case value exceeds Eligibility Ceilings / Rs. 50,000/-, ‘SB Basic’ shall be treated as ‘SB General’ account and all Terms/Conditions attached to ‘SB General’ shall become applicable for operation of the Account viz. fulfillment of KYC Norms, Minimum Balance and Charges as per the prevailing guidelines of the Bank. Once SB Basic upgrades to SB General, there will be no conversion back to SB Basic.
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As a caution, bank may notify the Customer when balance reaches Rs. 40,000/- or the total credit in a year reaches Rs. 80,000/- that appropriate documents for conducting KYC be submitted otherwise operations in the account will be stopped when the total balance in all the accounts taken together exceeds Rs. 50,000/- or the total credit in the Accounts exceeds Rs. 2,00,000/- in a year. | |